HK Stock Market Move | Gold stocks continue to decline, spot gold falls below $4700, inflation prospects become the focus of the market.

The gold stocks continued to fall. As of the time of writing, Zijin Gold Intl (02259) fell by 3.19% to 155 Hong Kong dollars; CHINAGOLDINTL (02099) fell by 2.79% to 167 Hong Kong dollars; Zijin Mining Group (02899) fell by 2.55% to 35.96 Hong Kong dollars; Chifeng Jilong Gold Mining (06693) fell by 2.2% to 38.26 Hong Kong dollars. On the news front, early on April 24, spot gold fluctuated lower, once again falling below the $4700 per ounce mark. In terms of geopolitical situation, talks between the US and Iran were "deadlocked", with the US still committed to maintaining a naval blockade against Iran. The latest reports show that on the 23rd local time, as tensions escalated between the US and Iran in the Strait of Hormuz, the US aircraft carrier "Bush" was heading towards the Middle East. US President Trump tweeted on social media that day, once again denying that he was in a rush to end the conflict with Iran, and stating that he had time, "but Iran does not - the clock is ticking!" In addition, US retail sales for March and the global manufacturing and services PMI data for April all exceeded market expectations, coupled with hawkish statements at the Powell hearing, both of which suppressed market expectations of a Fed rate cut. Preliminary data published by S&P Global on April 23 showed that the US composite PMI for April rose to 52.0, higher than the previous 50.3, reaching a three-month high, indicating a slight recovery in business activity compared to the subdued state in March. At the same time, the average sales prices of goods and services saw the largest monthly increase since July 2022, making inflation prospects a market focus.